0005 GMT - AMP gets a new bull in Citi despite several clear risks. Analyst Nigel Pittaway says a superannuation class action case due to commence in late May seems to be a concern for investors. "With an uncertain equity market there is likely also risk of further assets under management (and therefore fee) declines and, potentially too, a change in sentiment for flows, albeit its market leverage is less than some others," Citi says. Still, AMP's 1Q flows were generally positive and the wealth manager's share price has come down a lot. "This points to a value opportunity even if the timing of crystallization may be difficult to perfect," says Citi, upgrading AMP to buy, from neutral. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
April 21, 2025 20:05 ET (00:05 GMT)
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